Confirming its status as possibly the sexiest company in all of mobile right now.
Square's basic proposition – let's turn the phone or tablet into a cash register and thereby empower all those merchants who can't afford traditional systems – has caught on like a forest fire.
In the first six months of this year, it doubled its user base to two million and reckons it will process $6 billion in transactions a year.
But observers believe the key to Square's future domination lies with 'Pay with Square', which does away with any swiping and lets users pay just by saying their name as long as they are registered with a given retailer.
So now, it's hunting for more funding to go with the $130 million it has raised so far. The New York Times says its proposed injection would give the company an implied valuation of $3.25 billion, and will be led by Suhail Rizvi, the head of Rizvi Traverse Management.